Stablecoin issuer Tether has hired BDO Italia to process regular attestation reports, which it hopes to publish monthly rather than quarterly.
On August 18, the world’s largest stablecoin issuer announced that it has partnered with Tether. BDO Italy is the Italian branch of the world’s sixth largest audit firm – BDO Audit Services Limited to help Tether publish attestation financial statements for USDT stablecoin reserves.
The stablecoin issuer was previously the “top 12 in the world” Cayman Islands-based audit firm, MHA Cayman , located in the Caribbean (UK) .
To ensure the market is backed by real assets, stablecoin issuers provide attestation and assurance reports. Tether began releasing data in early 2021 after agreeing to provide similar information to regulators. As part of the February 2021 agreement with the New York attorney general’s office, the USDT was not properly supported.
“The decision to work with the BDO organization represents a promise to provide significant transparency for holders of Tether tokens, provides daily updates on issued tokens and reserves, and is supported by monthly assurance views,” the company said in a press release.
According to the announcement, “the next step” toward issuing an audit that executives have been promising for months.
Chief Technical Officer Paolo Ardoino said in a statement:
“Tether’s utility has grown beyond being a tool to quickly enter and exit trading positions, and so it’s critical for us to scale with the peer-to-peer and payments markets.”
A Tether spokesperson said an audit was “a priority for us” but declined to comment on whether BDO Italia would also undertake this process or whether MHA Cayman would continue to work on this special report.
